Initial commission meaning

Financial services and data protection regulatory regimes Financial services firms must ensure their outsourcing arrangements align with the outsourcing obligations of two distinct regulatory frameworks: the financial services regulatory regime, mainly comprising: Commission Assimilated Retained Regulation (EU) 2017/565 (the UK MiFID II Organisational Regulation) the Senior Management Arrangements, Systems and Controls sourcebook (SYSC) in the Financial Conduct Authority (FCA) Handbook the Outsourcing Part of the Prudential Regulation Authority (PRA) Rulebook the data protection regulatory regime, centred on the onshored General Data Protection Regulation, Assimilated Regulation (EU) 2016/679 (UK GDPR) The Checklist delivers high-level guidance on the outsourcing expectations under both regimes and acts as an initial step towards creating a unified compliance programme. For detailed insight into the outsourcing requirements of the UK MiFID II Organisational Regulation, the FCA Handbook and the PRA Rulebook, see Practice Note: Financial services outsourcing. For detailed information on outsourcing under the UK GDPR, see...

The documents set out below give a snapshot of the principal transactional papers commonly used to document a high yield bond issuance. For each, the summary outlines its function and identifies the relevant parties who would ordinarily sign it. Further documents might be necessary to address features of a particular deal (for example, escrow mechanics) or to capture tailored arrangements specific to that transaction... Document Description 144A Global Note A single note executed by the issuer evidencing the full principal amount for the Rule 144A tranche. Section 5 of the US Securities Act of 1933 requires every offer and sale of securities in the United States to be registered with the Securities and Exchange Commission (SEC) unless an exemption applies. Rule 144A provides a safe harbour from the Section 5 registration obligation, thereby permitting the initial purchasers of the bonds (see Purchase Agreement below) to subsequently resell the securities only to ‘qualified institutional buyers’, namely institutional investors that satisfy specified criteria. For further detail on Rule 144A,...

In this issue: UK digital markets UK competition policy UK private actions EU antitrust Daily and weekly news alerts Caselex UK digital markets CMA opens first ‘SMS investigation’ under the DMCCA 2024 into Google’s general search and search advertising The CMA has begun an ‘initial SMS investigation’ under Part 1 of the Digital Markets, Competition and Consumers Act 2024 (DMCCA 2024). This is the authority’s first SMS designation probe under the new DMCCA digital markets framework. The CMA’s power to designate undertakings with SMS, and potentially impose conduct requirements, took effect on 1 January 2025. The Investigation Notice states that Alphabet Inc, Google LLC, Google Ireland Limited and Google UK Limited (Google) provide general worldwide web search and information return (general search), and advertising to users of general search (search advertising). The CMA considers these meet the definition of a digital activity and can be treated as one activity. The Notice excludes specialised search service interfaces, such...

In this issue: Public procurement Governance Social housing Education Children's social care Social care Planning Daily and weekly news alerts New and updated content Public procurement Cabinet Office publishes first suite of Procurement Act 2023 guidance documents The Cabinet Office has issued an initial tranche of guidance on the Procurement Act 2023 (PA 2023). Designed to offer technical support, the materials explain interpretation and application of PA 2023, and are directed at procurement practitioners and commercial policy leads within contracting authorities. Each document should be read alongside PA 2023 and the related regulations. The Cabinet Office confirms a staggered release, aiming to complete the full set by June 2024. The Procurement Regulations 2024 have likewise been released in final form for Parliamentary debate. These draft regulations include the amendments flagged in the government’s consultation response issued on 22 March 2024. Separate guidance for devolved Welsh authorities will be issued by the Welsh Government in...

In this issue: Key developments and materials Electricity and gas market regulation and licensing Networks and network connections Renewable energy Capacity Market, balancing services and energy system flexibility Conventional power, waste to energy, biomass, and CHP projects International energy Daily and weekly news alerts New and updated content Dates for your diary Key developments and materials Access secured to six market-leading energy law titles We are pleased to announce we have recently expanded our Lexis+ Legal Research portfolio with licensed access to six industry-leading energy law titles. Where appropriate and relevant, links to these titles will be added to our Practical Guidance in due course...

Key terms Expressions such as ‘responsible/sustainable business’, ‘corporate responsibility’ (CR), ‘corporate social responsibility’ (CSR), and ‘environmental, social, governance’ (ESG) appear widely in multiple settings among companies, advisers and legal practitioners across sectors. Yet, broadly, they all signal an enterprise acting responsibly within its everyday operations, as part of its day-to-day activities. An increasing number of businesses recognise that meeting national, state and local rules alone may no longer adequately shield them from legal, regulatory or reputational exposure, and that missing the escalating expectations in this sphere can carry significant financial consequences. In this note, we adopt ‘sustainable business’ as the overarching label for consistency. For further terminology, see Precedent: Sustainability glossary terms (The Chancery Lane Project). What is ‘sustainability’? The word ‘sustainability’ often sits alongside phrases such as ‘environmental sustainability’ or green business in common discussion. Although there is no single, settled definition, many bodies and sources rely on the Brundtland Commission Definition of sustainable development when attempting to explain the term. However, the Brundtland Commission Definition...

Interim ‘springboard’ injunctions This Practice Note examines the character and reach of interim ‘springboard’ injunctions, deployed to stop a transgressor securing an unfair competitive advantage arising from unlawful conduct. It addresses the particular circumstances in which an employer may seek a springboard injunction to curb the actions of a former employee, the evidential requirements that must be met to obtain the order, and the means by which protection is delivered in practice. It also considers how the length and breadth of the injunction can be confined and tailored. On occasion, an employer will pursue an injunction to shield themselves from the conduct of a former employee who, before employment ended, breached a post-termination restriction (restrictive covenant) or misused the employer’s confidential information and, by that misuse, gained an unfair competitive advantage over their former employer. An interim order intended to neutralise any unfair competitive advantage that might be obtained through misuse of an employer’s confidential information, breach of contract, or the commission of a tort, is commonly called...

This Practice Note addresses the NHS complaints process, the governing legislation, local resolution and Ombudsman-led independent review, matters relating to private patients, and the Care Quality Commission. The NHS complaints procedure Often, what patients want most is a clear explanation of any failings, a sincere apology, and a commitment that similar errors will not recur, which can outweigh a desire for compensation. Grievances may involve misdiagnosis, poor communication by clinicians, delays, inaccurate or misleading advice, and numerous other examples of substandard care or absence of treatment. The NHS complaints route should be the initial step. Without good reason, failure to use it first may result in Legal Aid or Before the Event (BTE) funding being refused. The scheme applies to concerns about services delivered by, or paid for by, NHS organisations or primary care practitioners—namely hospitals, GPs, dentists, opticians and pharmacists. There are two stages to the process: local resolution independent review If financial compensation is required,...

Overview Joint ventures cover a wide spectrum of commercial arrangements, from merger-style integrations to co-operation confined to particular functions such as production, distribution, or research and development (R&D). This questionnaire seeks sufficient detail about the joint venture’s activities to enable an initial assessment of whether it is a full-function joint venture for the purposes of the EU Merger Regulation (Council Regulation No 139/2004 on the control of concentrations between undertakings). If it is a full-function venture with an EU dimension (meaning the turnover thresholds are satisfied), the joint venture must be notified to the European Commission (the Commission) and cannot proceed until the Commission has found it compatible with the internal market. If the joint venture is not full-function and operates as a partnership that is, to a large extent, dependent on its parent companies, the establishment of the joint venture does not require notification; however, the Commission may exercise control after the fact, in light of Article 10(1) of the Treaty on the Functioning of the European Union...

UK Within the UK, Defra leads the development of new regulations arising from initial studies that prioritise gains in energy efficiency. These rules are policed by the National Measurement Office (NMO). EU Ecodesign and energy-using requirements The European EuP Directive 2005/32/EC acted as a framework, with precise performance benchmarks and test methods defined in accompanying implementing measures and regulations. It was later replaced by the Eco-Design Directive 2009/125/EC. In the UK, the 2005 Directive was transposed via the Ecodesign for Energy-Using Products 2007, SI 2007/2037, which was in turn revoked by the Eco-Design for Energy-Related Products Regulations 2010, SI 2010/2617. The 2010 Regulations transpose Directive 2009/125/EC into UK law, aiming to enhance product environmental performance across the whole life cycle by embedding environmental considerations at the earliest stages of design. The EU is setting minimum energy and environmental performance standards for more than twenty product groups, including lighting. Detailed technical provisions appear in the regulations, while the Market Transformation Programme (MTP) offers further information and the evidence...